Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.
Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.
Retirement Benefit means the benefit set forth in Article 5.
Early Retirement Benefit means the retirement benefit payable to a member following early
Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.
Termination Benefit means the benefit set forth in Article 7.
Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.
Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;
Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.
Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.
Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.
Plan Benefit means the benefit payable to a Participant as calculated in Article V.
Supplemental Retirement Plan means (i) the Company’s Amended and Restated Supplemental Executive Retirement Plan, (ii) the Company’s Supplemental Management Retirement Plan, (iii) the Company’s Amended and Restated Top Hat Restoration Plan, and (iv) the Company’s Defined Contribution Restoration Plan.
Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.
Change in Control Benefit means the benefit described in Section 2.4.
Actuarial equivalent means a benefit of equal value when
Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.
Disability Benefit means the benefit set forth in Article 8.
Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.
Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).
Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.
Termination Benefits means the benefits described in Section 4.1(b).
Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.
Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—
Disability Retirement Date means the first day of the month following the last day of paid employment;
SERP has the meaning assigned thereto in Section 5(c) hereof.